TJ Maxx raises minimum wage to $9

TJX Companies (NYSE:TJX), parent company of T.J. Maxx, Marshall's and Home Goods, announced that it will raise its employees' minimum wage to $9 an hour in June. Then, employees working with the company more than six months will get bumped to $10 an hour next year.

The announcement comes just a few days after Walmart (NYSE:WMT) issued a very similar announcement: that it would hike minimum wage for its employees to $9 an hour in April and raise it to $10 for current employees in 2016.

The federal minimum wage is currently $7.25 an hour, reported CNN Money. President Obama has proposed raising it to $10.10, but thus far he has been blocked by Republicans in Congress.

TJX Companies have about 2,600 U.S. stores and employ about 191,000 workers both nationally and internationally.

A recent Credit Suisse report estimates that TJX Companies pays its employees around $8.24 an hour, reported the Associated Press.

At the end of last year, Moody's Investors Service reported that the TJX Companies was one of three retailers growing at a faster average rate than other retailers. The company will grow 6 to 8 percent in the next five years, compared to an average growth rate of 4 percent.

For more:
-See this CNN Money article
-See this Associated Press article

Related stories:
TJX elects Raytheon's William Swanson to board
T.J. Maxx, Ross, Burlington growing at faster rate than retail industry
Why T.J. Maxx, Marshalls thrive as Loehmann's goes bankrupt
TJX Third-Quarter Income Soars by 35%, Tops Earnings Predictions
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